Choosing the Right Property Management Company

Nov 15, 2022

If you own an investment property but don’t live near it or don’t have the time to manage it, then finding a good property management company is essential. The right company will look after your property as if it were their own, finding quality tenants, conducting regular inspections and maintaining the property to a high standard. Effective management provides peace of mind that the return on your investment is maximised.

However, not all property management companies are as equally equipped for the job. Here are some key factors to consider when choosing a property management company.

Experience

Ideally, you want a property management company that has been operating for several years and has a good track record. Longevity in this industry shows that they are stable, reliable and know what they are doing. Furthermore, the company should have qualified employees in property management or related disciplines.

Knowledge

Your chosen property management company should know the local rental market well. They should be aware of what rent prices are achievable and have a good understanding of the different suburbs and their demographics. Local area expertise will help them market your property to the right audience and find quality tenants.

Communication

Having a good working relationship with your property management company is essential. Ideally, you should have a direct contact number for your property manager, and they should be easy to communicate with and happy to answer any questions. Furthermore, they should keep you regularly updated on what is happening with your property, whether good or bad news.

Customer Service

The company should have a reputation for providing excellent customer service by being responsive to queries, helpful and professional at all times. Excellence in customer service goes beyond a reactive response. Your agent should provide a proactive approach to all your touchpoints with the business and should check in with you regularly.

Technology

It’s no secret that technology has come a long way in the last decade. As a result, property management technology has evolved to help property managers increase their efficiency and deliver a better customer experience. The company should provide access to a user-friendly online portal where you can easily view tenancy and financial details, drill into inspection reports, track maintenance and more from anywhere in the world.

Fees

Fees are inevitable in hiring a quality property management company, and the saying “you get what you pay for” could never be more accurate. Some agencies’ under-market prices could indicate cutting corners by overloading their property managers or outsourcing tasks, resulting in disappointing outcomes for owners. Furthermore, fees should be in line with the current market, and the company should be transparent so there are no hidden surprises.

Location

Ideally, your property management company should be located and active in your investment property’s area. Located close by will make it easier for them to resolve any issues that may arise and also means they will have a good understanding of the local area demographics, facilities and state of the market.

Licencing

All property management companies in Australia must be licenced under state legislation. For your protection, it’s essential to engage authorised agents to ensure the necessary professional indemnity insurance is in place. You can check licence details for a company and its staff by searching the consumer affairs website for your state or territory.

References

It’s always a good idea to research a company you are looking to engage in by checking their online reviews by past and present clients. Reviews will often provide an insight into what it’s like to work with them and whether they will likely meet your expectations. Recommendations from friends and family can also be a valuable source of information when deciding to choose an agent.

Services

Finally, make sure that the company offers the services that you need. Aim for a full-service end-to-end style of management which includes conducting regular inspections, finding & vetting new tenants, completing all legal documentation, collecting rent, organising maintenance, dealing with repairs and paying accounts on your behalf. To ensure the agency can meet your specific needs, an important question to ask is how many properties each staff member manages. Excessive workloads often result in substandard management services that cause problems and headaches.

Home 2 Home has a team of property management experts fully equipped to handle your property needs with professionalism and care. You can find out more about our peace of mind property management here or get in touch for your complimentary rental appraisal.

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